The Obama administration is expected today to propose a reorganisation of the way we regulate financial markets. I am not an advocate of too much regulation. Having gone too far in deregulating – which contributed to the current crisis – we must resist the temptation to go too far in the opposite direction. While markets are imperfect, regulators are even more so. Not only are they human, they are also bureaucratic and subject to political influences, therefore regulations should be kept to a minimum.
奧巴馬政府將提出一項金融監管改革方案。我不提倡實施過多的監管。在“去監管化”的道路上我們已走得太遠——這是當前危機的誘因——目前我們必須克制沖動，避免在相反方向上又走過頭。盡管市場存在缺陷，但監管機構更是如此。他們不僅是普通人，同時還是官僚，容易受到政治影響。因此，只應該維持最低限度的監管。
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